Tokenised stocks have surged to a combined market capitalisation of $1.2 billion, marking a key milestone for the emerging asset class.
Industry participants are increasingly comparing the sector’s trajectory to the early growth phase of stablecoins and decentralised finance in 2020.
Data from Token Terminal shows the market reached a record high following strong expansion in September and December.
Analysts say demand has accelerated since tokenised equities entered the mainstream earlier this year.
Tokenised stocks today are like stablecoins in 2020.
Token Terminal said, highlighting how early the market remains.
Stablecoins were still nascent in 2020 but have since grown into a sector valued at roughly $300 billion.
Other insiders have likened tokenised equities to the early DeFi boom, citing structural similarities in adoption trends.
Supporters argue that moving equities onchain enables faster settlement, continuous trading and fractional ownership.
Momentum increased in September following the launch of Backed Finance’s xStocks suite on Ethereum.
The rollout introduced around 60 tokenised equities through partnerships with exchanges including Kraken and Bybit.
Earlier this month, Securitise announced plans to launch compliant onchain trading for public equities.
The company said the initiative would allow investors to hold tokenised shares with direct ownership rights.
Ondo Finance has also revealed plans to roll out tokenised US stocks and exchange-traded funds on Solana in early 2026.
Coinbase announced this month that it intends to add stock trading as part of its strategy to become an “everything exchange”.
Institutional interest intensified after Nasdaq confirmed it had filed with the US Securities and Exchange Commission.
The filing seeks approval to offer tokenised stocks directly on the exchange’s platform.
Nasdaq’s head of digital assets strategy said tokenisation is now a top strategic priority for the firm.
We’re not looking at upending the system; we want everyone to come along for that ride and bring tokenisation more into the mainstream.
Matt Savarese said.
Observers say growing institutional backing could accelerate broader blockchain adoption beyond Bitcoin and stablecoins.